Arbitrum ($ARB) layer 2 token has staged a solid comeback, jumping 16.71% in just 24 hours to trade at $0.3626, according to CoinGecko. Over the past week, ARB has rallied more than 40%, pushing it back to price levels not seen in nearly three months.
The rally pushed the ARB Coin to the top of today’s gainers list, with a 24-hour trading volume of $770 million, up more than 590%.
The catalyst behind ARB’s price breakout is a combination of on-chain activity, market speculation, rumors of a Robinhood partnership, and a technical pattern breakout.
According to Lookonchain and data from DeFiLlama, the number of active addresses on Arbitrum increased by 25% in 24 hours, reaching a total of 418,000. This shows a renewed interest in the blockchain platform.
Robinhood Partnership Rumors Sparked the Pump
A June 30 fireside chat in Cannes, announced by Robinhood’s crypto team, featured Ethereum co-founder Vitalik Buterin, Offchain Labs’ CSO A.J. Warner, and Robinhood’s crypto GM Johann Kerbrat.
While no official partnership announcement has been made, speculation has grown that Robinhood may integrate Arbitrum to power a blockchain-based platform allowing European users to trade U.S. stocks.
This speculation aligns with Bloomberg’s earlier report that Robinhood was exploring both Arbitrum and Solana for such a move, and it has ignited bullish momentum.
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Arbitrum Price Breaks Out From 17-Month Falling Wedge
Beyond the speculation, $ARB has broken out of a long-term falling wedge pattern that dates back to early 2024. This pattern, typically bullish, saw confirmation when ARB pushed above the critical $0.36 resistance level.
Several key technical indicators further validate this move. According to TradingView, the RSI7 has climbed to 74.5, pushing Arbitrum into the overbought zone. This is a classic sign that buyers are in control, but also a warning that the market might be due for a breather soon.
On top of that, the MACD just turned positive for the first time since April, adding weight to the idea that this rally has real momentum behind it.
Currently, ARB is trading 22% above its 30-day simple moving average (SMA) of $0.33, indicating that the breakout above key resistance is holding its ground.
Perhaps most impressively, daily trading volume has surged by over 590%, reaching $766 million, the highest level recorded since March.
With technical indicators overheating and whale selling ramping up, as noted by Lookonchain, ARB faces near-term resistance. However, the $0.33–$0.35 zone now acts as solid support.
If the Arbitrum price closes above $0.38 with substantial volume, the next leg could take it to $0.47 or even $0.53, based on Fibonacci projections. But if momentum fades and RSI cools off, a retracement back to $0.32–$0.34 is likely.
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